RECORDER REPORT
KARACHI: Pakistan's rupee weakened marginally against the US dollar, depreciating 0.02% in the inter-bank market on Wednesday.
As per the State Bank of Pakistan (SBP), the rupee closed at 176.22 after a day-on-day depreciation of 4 paisas or 0.02%. The decline comes after the currency registered a fall of 0.15% on Tuesday.
Despite the back-to-back losses, the currency has still recovered nearly 1.1% after touching its all-time low of Rs178.24 on December 29, 2021.
The fall in rupee value comes as oil prices continued to rise, creating concerns of a hike in import figures, as oil shipments make up for a major portion of the country’s dollar bill.
Oil prices inched up for the fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.
Brent crude futures rose 87 cents, or 1%, to $88.38 a barrel at 0543 GMT, adding to a 1.2% jump in the previous session. The benchmark contract climbed to as much as $89.05, its highest since October 13, 2014.
Meanwhile, experts anticipate a significant increase in upcoming export figures, a development that could ease pressure off the currency.
“There is a whisper in the market that exports will do well by a few billions,” tweeted Asad Rizvi, ex-treasury head at Chase Manhattan Bank.
Open-market movement
In the open market, the PKR gained 20 paisas for buying while losing 30 paisas for selling against USD, closing at 177.30 and 178.30, respectively.
Against Euro, the PKR remained unchanged for both buying and selling, closing at 200 and 202, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 48.62 and 49.10, respectively.
Against Saudi Riyal, the PKR gained 10 paisas for both buying and selling, closing at 46.65 and 47.10, respectively.
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Open Bid Rs 177.30
Open Offer Rs 178.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Open Bid Rs 176.25
Open Offer Rs 176.35
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RUPEE IN LAHORE: The Pak rupee continued to move both ways for the second straight day in relation to the greenback in the local currency market on Wednesday.
Amidst fluctuating demand and supply situation, the greenback continued to witness volatile trend in the market for another day and was closed for buying and selling at Rs 178.50 and Rs 179.50 against the overnight closing trend of Rs 178.80 and Rs 178.70, respectively, local currency dealers said.
Moreover, the national currency lost 20 paisas against the pound sterling for buying and closed at Rs 239.00 against the overnight closing rate of Rs 239.20 whereas it did not witness any change and firmly closed for selling at Rs 240.50, they added.
Copyright Business Recorder, 2022
